China gets tough on forex violations

2018-07-25
Xinhua

BEIJING — China’s foreign exchange regulator dealt with 1,354 forex-related violation cases in the first half of this year, up 19.7 percent year-on-year, an official statement said on July 24.

The State Administration of Foreign Exchange said in an online statement that it fined and confiscated a total of 345 million yuan ($50.8 million), nearly 60 percent higher than the same period last year.

Among those cases, 559 were committed by individuals, 455 by financial institutions, while the rest were by enterprises.

The regulator has stepped up inspections of financial institutions to ensure a healthy and orderly forex market.

The administration said it would continue to crack down on market irregularities such as fraud and underground bank cases to safeguard economic and financial security.